Workspace provider IndiQube plans to add up to 40 properties in FY24
lexible workspace provider IndiQube is planning to add 35-40 properties to its pan-India portfolio in the next financial year, including expansion in tier-2 cities, said the company’s co-founder and chairman Rishi Das.
“The way things are, we will be signing up at least two-three properties a month,” he told FE in an interaction. IndiQube currently operates 85 properties across 12 cities in India, among which are tier-2 cities such as Coimbatore, Madurai, Kochi, Jaipur and Lucknow.
Das said the company is entering tier-2 markets based on both demand from multinational companies as well as strategic planning and will likely add 20-25 properties in these markets over the next two-three years. Besides tier-2, the company will also deepen its presence in key areas of tier-1 cities such as Mumbai and Bengaluru.
“So over the next two-three years, our playbook will be that be present in all micro markets across tier-1s, present in all meaningful tier-2s and wherever you see that you have an early mover’s advantage, just go for the kill,” Das said.
However, the company often faces a lack of supply of compliant commercial buildings in tier-2 cities. “With the exception of Kolkata and Ahmedabad, I don’t see any other tier-2 city in India having good supply,” Das noted.
To make up for the crunch in supply, IndiQube is entering build-to-suit or joint development agreements with local landowners in cities such as Coimbatore. The company also has a team that offers development management services to landowners.
Besides built-to-suit, the company is seeing a big opportunity in renovating old buildings into workspaces, particularly in crowded commercial areas in large cities. “50% of the portfolio in Bengaluru today, which is the
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